We seem to be coming closer and closer to re-testing previous lows on all major pairs. Lets take a long term view of the charts and see where the price might go if we do break recent lows.

EUR/USD

The EuroDollar downtrend  has unfortunately broken all long-term trend lines. Thus, a better way to see where it might be headed is by checking its fib retracement of the amazing bull run from .8400 and at the same previous horizontal S&R levels. There is currently a symmetrical  triangle pattern on the 4-hour chart. If ever this breaks down, we will probably see levels of around 1.18/1.19. As you can see on the chart below, we have a good support on those levels. But before that price is a 50% fib retracement level on 1.22 which will also act as a very strong support level.  The 61.8% level stands at the 1.13 area. Once that is broken, our next destination is the 1.06 lows. I don’t know what is with that number but it provided support before. Honestly, I still see a retracement of this bearish move.

USD/CHF

I hate this pair, but recent price action seems very promising. A break of 1.18 which seems to be repeatedly tested on the hourly chart for the past 5 trading days could give way to 1.1880’s.  Once this hurdle is cleared, then 1.22,1.27 and finally 1.32 are possible upside targets.

GBP/USD

The sterling recent lows was supported by a trend line from a monthly chart. Current price action shows a support as well, as shown on the chart below. A break of recent lows will make 1.40/41 the next destination.

USD/JPY

I will skip this pair as its on its way down to probably around 88’s to low 90’s level.

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